• Texas Roadhouse, Inc. Announces Second Quarter 2021 Results

    来源: Nasdaq GlobeNewswire / 29 7月 2021 16:03:00   America/New_York

    LOUISVILLE, Ky., July 29, 2021 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 weeks ended June 29, 2021 and provided a business update.

    Financial Results

    Financial results for the 13 and 26 weeks ended June 29, 2021, June 30, 2020, and June 25, 2019 were as follows:

     Second Quarter
    ($000's)      % change
     2021
     2020
     2019
     vs. 2020 vs. 2019
    Total revenue$898,788  $476,425  $689,828  88.7% 30.3%
    Income (loss) from operations 89,728   (47,318)  53,283  289.6% 68.4%
    Net income (loss) 75,480   (33,553)  44,845  325.0% 68.3%
    Diluted earnings (loss) per share$1.08  $(0.48) $0.63  322.4% 72.1%
              
              
     Year to Date
           % change
     2021
     2020
     2019
     vs. 2020 vs. 2019
    Total revenue$1,699,417  $1,128,949  $1,380,436  50.5% 23.1%
    Income (loss) from operations 170,655   (31,528)  113,728  641.3% 50.1%
    Net income (loss) 139,630   (17,524)  95,235  896.8% 46.6%
    Diluted earnings (loss) per share$1.99  $(0.25) $1.32  888.3% 50.4%
                      

    Results for the second quarter included the following:

    • Comparable restaurant sales at company restaurants increased 80.2% and 21.3% compared to 2020 and 2019, respectively1. Comparable restaurant sales at domestic franchise restaurants increased 76.5% and 19.4% compared to 2020 and 2019, respectively;
    • Eight company restaurants, including two Bubba’s 33 restaurants, and two franchise restaurants were opened;
    • Restaurant margin, as a percentage of restaurant and other sales, was 17.7% and restaurant margin dollars were $158.2 million. Restaurant margin was impacted by an increase in comparable restaurant sales partially offset by commodity inflation and higher costs related to the pandemic;
    • Diluted earnings per share increased to $1.08 from a diluted loss per share of ($0.48) in the prior year due to the increase in comparable restaurant sales and the prior year impact of the pandemic; and,
    • The Company ended the quarter with debt of $190.0 million and $483.4 million of cash on hand.

    Results for the year-to-date period included the following highlights:

    • Comparable restaurant sales at company restaurants increased 44.5% and 14.9% compared to 2020 and 2019, respectively1. Comparable restaurant sales at domestic franchise restaurants increased 41.1% and 12.2% compared to 2020 and 2019, respectively;
    • 11 company restaurants, including three Bubba’s 33 restaurants, and two franchise restaurants were opened;
    • Restaurant margin, as a percentage of restaurant and other sales, was 18.1% and restaurant margin dollars were $305.8 million. Restaurant margin was impacted by an increase in comparable restaurant sales partially offset by higher costs related to the pandemic; and,
    • Diluted earnings per share increased to $1.99 from a diluted loss per share of ($0.25) in the prior year due to the increase in comparable restaurant sales and the prior year impact of the pandemic.

    ____________________________
    1 Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period measured for comparison to 2020 and for restaurants open a full 30 months before the beginning of the period measured for comparison to 2019.

    Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc. commented, “We continue to generate sales that are well above pre-pandemic levels thanks to our operators who are successfully managing strong To-Go sales along with the re-opening of our dining rooms without restriction. However, some challenges still remain with certain cost pressures that we expect to continue at least through the end of the year.”

    Morgan continued, “Our strong cashflows have further strengthened our financial position which allowed us to reinstate our dividend and repay our short-term debt this quarter. In addition, our development pipeline looks great and continues to move forward as expected.”

    Business Update

    Comparable restaurant sales during the quarter were positively impacted by the re-opening of dining rooms, the continued easing of dining room capacity restrictions, and continued strong To-Go sales. As of July 2, all domestic company and franchise locations were operating without restriction. The Company continues to operate with an enhanced To-Go model, which includes curbside and/or drive-up options, as permitted by local guidelines. For the Q2 2021 and July periods, comparable restaurant sales, average weekly sales, and To-Go sales for all company restaurants were as follows:

         
      Q2 2021 July
    Comparable restaurant sales vs 2020 80.2% 44.1%
    Comparable restaurant sales vs 2019 21.3% 25.5%
    Average weekly sales $ 126,442 $ 123,927
    To-Go sales as a % of average weekly sales 16.9% 14.2%
         

    As of the end of the quarter, the Company had opened 11 company restaurants and, currently, an additional 18 are under construction.   During the quarter, the Company completed the refinancing of the revolving credit facility. As part of this refinancing, the borrowing capacity was increased to $300 million and $50 million that was previously outstanding was repaid. As previously announced, the Company’s Board of Directors reinstated the quarterly dividend beginning with the Q2 2021 period. The Company currently expects to resume the repurchase of shares under our stock repurchase program in the second half of 2021.  

    2021 Outlook

    Management updated all expectations for 2021:

    • Commodity cost inflation of approximately 7.0%;
    • 26 to 29 company restaurant openings across all concepts;
    • Store week growth of approximately 5.0%; and,
    • Total capital expenditures of approximately $200 million.

    To the extent that state and local guidelines begin to significantly reduce capacity and/or re-close dining rooms, the Company could pull back on development, reduce capital spend, and/or limit share repurchases accordingly.

    Non-GAAP Measures

    The Company prepares the consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Within the press release, the Company makes reference to restaurant margin (in dollars and as a percentage of restaurant and other sales). Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent and other operating costs. Restaurant margin should not be considered in isolation, or as an alternative, to income from operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded. Restaurant margin is widely regarded as a useful metric by which to evaluate restaurant-level operating efficiency and performance. In calculating restaurant margin, the Company excludes certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. The Company also excludes depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in restaurants. The Company also excludes impairment and closure expense as it believes this provides a clearer perspective of ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in the industry. A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.

    Conference Call

    Texas Roadhouse is hosting a conference call today, July 29, 2021 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (877) 699-0953 or (647) 689-5456 for international calls.   A replay of the call will be available for one week following the conference call. To access the replay, please dial (800) 585-8367 or (416) 621-4642 for international calls, and use 4491322 as the pass code. There will be a simultaneous Web cast conducted at www.texasroadhouse.com.

    About the Company

    Texas Roadhouse is a casual dining concept that first opened in 1993 and today has grown to over 640 restaurants system-wide in 49 states and ten foreign countries. For more information, please visit the Company’s Web site at www.texasroadhouse.com.

    Forward-looking Statements

    Certain statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the potential impact of the COVID-19 pandemic, including reinstated dining room capacity restrictions or closures, and other non-historical statements. Such statements are based upon the current beliefs and expectations of the management of Texas Roadhouse. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, conditions beyond its control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting customers or food supplies; food safety and food-borne illness concerns; and other factors disclosed from time to time in its filings with the U.S. Securities and Exchange Commission. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Part I—Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 29, 2020. These factors should not be construed as exhaustive and should be read in conjunction with other filings with the Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.

    Contacts:

    Investor Relations                                                                
    Michael Bailen
    (502) 515-7298

    Media
    Travis Doster
    (502) 638-5457

                     
    Texas Roadhouse, Inc. and Subsidiaries
    Condensed Consolidated Statements of Income (Loss)
    (in thousands, except per share data)
    (unaudited)
                
            
       13 Weeks Ended 26 Weeks Ended
       June 29, 2021 June 30, 2020 June 29, 2021 June 30, 2020
                
    Revenue:         
     Restaurant and other sales$892,444  $473,090  $1,687,367  $1,120,716 
     Franchise royalties and fees6,344  3,335  12,050  8,233 
                    
    Total revenue898,788  476,425  1,699,417  1,128,949 
                    
    Costs and expenses:             
     Restaurant operating costs (excluding depreciation and amortization shown separately below):             
                    
      Food and beverage295,504  164,041  546,986  374,221 
      Labor288,147  194,622  546,183  435,701 
      Rent14,956  13,251  29,408  26,722 
      Other operating135,606  89,348  258,985  193,637 
     Pre-opening6,319  4,290  10,587  9,402 
     Depreciation and amortization31,650  29,016  62,519  58,070 
     Impairment and closure, net17  (440) 521  155 
     General and administrative36,861  29,615  73,573  62,569 
                    
    Total costs and expenses809,060  523,743  1,528,762  1,160,477 
                    
    Income (loss) from operations89,728  (47,318) 170,655  (31,528)
                    
    Interest expense, net975  1,030  2,435  1,099 
    Equity income (loss) from investments in unconsolidated affiliates239  (90) 22  (598)
                    
    Income (loss) before taxes88,992  (48,438) 168,242  (33,225)
    Income tax expense (benefit)11,067  (15,132) 23,887  (17,071)
                    
    Net income (loss) including noncontrolling interests77,925  (33,306) 144,355  (16,154)
    Less: Net income attributable to noncontrolling interests2,445  247  4,725  1,370 
    Net income (loss) attributable to Texas Roadhouse, Inc. and subsidiaries$75,480  $(33,553) $139,630  $(17,524)
                
    Net income (loss) per common share attributable to Texas Roadhouse, Inc.         
    and subsidiaries:         
     Basic$1.08  $(0.48) $2.00  $(0.25)
     Diluted$1.08  $(0.48) $1.99  $(0.25)
                
    Weighted average shares outstanding:         
     Basic69,790  69,361  69,713  69,391 
     Diluted70,161  69,361  70,150  69,391 
                
    Cash dividends declared per share$0.40  $-  $0.40  $0.36 
                


    Texas Roadhouse, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets
    (in thousands)
    (unaudited)
           
           
           
      June 29, 2021 December 29, 2020
           
           
    Cash and cash equivalents $ 483,419  $ 363,155 
    Other current assets, net 98,354  147,496 
    Property and equipment, net 1,117,393  1,088,623 
    Operating lease right-of-use assets, net 547,387  530,625 
    Goodwill 127,001  127,001 
    Intangible assets, net 1,881  2,271 
    Other assets 73,510  65,990 
           
    Total assets $ 2,448,945  $ 2,325,161 
           
           
    Current maturities of long-term debt -  50,000 
    Other current liabilities 479,808  456,318 
    Operating lease liabilities, net of current portion 590,443  572,171 
    Long-term debt, excluding current maturities 190,000  190,000 
    Other liabilities 126,011  113,621 
    Texas Roadhouse, Inc. and subsidiaries stockholders' equity 1,046,835  927,505 
    Noncontrolling interests 15,848  15,546 
           
    Total liabilities and equity $ 2,448,945  $ 2,325,161 
           


               
    Texas Roadhouse, Inc. and Subsidiaries
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
             
             
        26 Weeks Ended
        June 29, 2021 June 30, 2020
             
             
    Cash flows from operating activities:      
    Net income (loss) including noncontrolling interests $144,355  $(16,154)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities    
     Depreciation and amortization 62,519  58,070 
     Share-based compensation expense 19,817  14,490 
     Deferred income taxes 2,948  (10,926)
     Other noncash adjustments, net 1,955  3,052 
    Change in working capital 65,252  13,313 
      Net cash provided by operating activities 296,846  61,845 
             
    Cash flows from investing activities:      
    Capital expenditures - property and equipment (85,068) (81,833)
    Proceeds from sale leaseback transactions 3,285  2,167 
      Net cash used in investing activities (81,783) (79,666)
             
    Cash flows from financing activities:      
    (Payments on) proceeds from revolving credit facility, net (50,000) 240,000 
    Repurchase of shares of common stock -  (12,621)
    Dividends paid (27,932) (24,989)
    Other financing activities, net (16,867) (9,955)
      Net cash (used in) provided by financing activities (94,799) 192,435 
             
      Net increase in cash and cash equivalents 120,264  174,614 
    Cash and cash equivalents - beginning of period 363,155  107,879 
    Cash and cash equivalents - end of period $483,419  $282,493 
             


                 
    Texas Roadhouse, Inc. and Subsidiaries
    Reconciliation of Income (loss) from Operations to Restaurant Margin
    (in thousands)
    (unaudited)
              
      13 Weeks Ended
      June 29, 2021 June 30, 2020 June 25, 2019
              
    Income (loss) from operations $89,728  $(47,318) $53,283 
              
    Less:         
    Franchise royalties and fees 6,344  3,335  5,455 
              
    Add:         
    Pre-opening 6,319  4,290  4,197 
    Depreciation and amortization 31,650  29,016  28,454 
    Impairment and closure, net 17  (440) 316 
    General and administrative 36,861  29,615  39,960 
              
    Restaurant margin $158,231  $11,828  $120,755 
              
    Restaurant margin (as a percentage of restaurant and other sales) 17.7% 2.5% 17.6%
              
              
      26 Weeks Ended
      June 29, 2021 June 30, 2020 June 25, 2019
              
    Income (loss) from operations $170,655  $(31,528) $113,728 
              
    Less:         
    Franchise royalties and fees 12,050  8,233  10,946 
              
    Add:         
    Pre-opening 10,587  9,402  8,065 
    Depreciation and amortization 62,519  58,070  56,227 
    Impairment and closure, net 521  155  333 
    General and administrative 73,573  62,569  75,943 
              
    Restaurant margin $305,805  $90,435  $243,350 
              
    Restaurant margin (as a percentage of restaurant and other sales) 18.1% 8.1% 17.8%
              


                          
    Texas Roadhouse, Inc. and Subsidiaries
    Supplemental Financial and Operating Information
    ($ amounts in thousands, except weekly sales by group)
    (unaudited)
                  
       Second QuarterChangeYear to DateChange
       20212020vs 202020212020vs 2020
    Restaurant openings           
     Company - Texas Roadhouse624862
     Company - Bubba's 33211321
     Company - Jaggers000000
     Franchise - Texas Roadhouse - U.S.00001(1)
     Franchise - Texas Roadhouse - International202202
     Total10371394
                  
                  
    Restaurants open at the end of the quarter           
     Company - Texas Roadhouse51148922     
     Company - Bubba's 3334304     
     Company - Jaggers321     
     Franchise - Texas Roadhouse - U.S.6970(1)     
     Franchise - Texas Roadhouse - International30264     
     Total64761730     
                  
       Second QuarterChangeChange 
       202120202019vs 2020vs 2019 
                  
    Company restaurants           
     Restaurant and other sales$892,444  $473,090  $684,373  88.6 %30.4 % 
     Store weeks 7,085   6,742   6,460  5.1 %9.7 % 
     Comparable restaurant sales (1) 80.2 % (32.8)% 4.7 %     
     Texas Roadhouse restaurants only:           
      Comparable restaurant sales (1) 79.0 % (32.4)% 4.6 %     
      Average unit volume (2)$1,664  $935  $1,384  78.0 %20.2 % 
      Weekly sales by group:       
      Comparable restaurants (476, 454, and 434 units respectively)$128,716  $72,005  $106,838       
      Average unit volume restaurants (3) (19, 20, and 21 units, respectively)$110,459  $69,174  $98,046       
      Restaurants less than 6 months old (16, 15, and 16 units, respectively)$134,822  $61,781  $114,735       
                  
    Restaurant operating costs (as a % of restaurant and other sales)          
    Food and beverage costs 33.1 % 34.7 % 32.3 %(156)bps78 bps
    Labor 32.3 % 41.1 % 32.9 %(885)bps(66)bps
    Rent 1.7 % 2.8 % 1.9 %(113)bps(23)bps
    Other operating 15.2 % 18.9 % 15.2 %(369)bps3 bps
    Total 82.3 % 97.5 % 82.4 %(1,523)bps(9)bps
                  
     Restaurant margin 17.7 % 2.5 % 17.6 %1,523 bps9 bps
                  
     Restaurant margin ($ in thousands)$158,231  $11,828  $120,755  1,237.8 %31.0 % 
     Restaurant margin $/Store week$22,333  $1,754  $18,692  1,173.3 %19.5 % 
                  
    Franchise restaurants           
     Franchise royalties and fees$6,344  $3,335  $5,455  90.2 %16.3 % 
     Store weeks 1,269   1,248   1,208  1.7 %5.1 % 
     Comparable restaurant sales (1) 86.3 % (38.2)% 3.7 %     
     U.S. franchise restaurants only:           
      Comparable restaurant sales (1) 76.5 % (32.1)% 4.3 %     
      Average unit volume (2)$1,739  $980  $1,433  77.5 %21.3 % 
                  
    Pre-opening expense$6,319  $4,290  $4,197  47.3 %50.6 % 
                  
    Depreciation and amortization$31,650  $29,016  $28,454  9.1 %11.2 % 
     As a % of revenue 3.5 % 6.1 % 4.1 %(257)bps(60)bps
                  
    General and administrative expenses$36,861  $29,615  $39,960  24.5 %(7.8)% 
     As a % of revenue 4.1 % 6.2 % 5.8 %(211)bps(169)bps
                  
    (1) Comparable restaurant sales reflect the change in year-over-year sales for restaurants open a full 18 months before the beginning of the period measured, excluding sales from restaurants permanently closed during the period.
    (2) Average unit volume includes sales from Texas Roadhouse restaurants open for a full six months before the beginning of the period measured, excluding sales from restaurants permanently closed during the period.
    (3) Average unit volume restaurants include restaurants open a full six and up to 18 months before the beginning of the period measured.
    Amounts may not foot due to rounding.
                         



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